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In a non revocable trust can your spouse be the trustee without negating the protection of assets?
You should direct all trust questions to an attorney who specializes in trust law in your state. Any trust must be drafted by an expert. The only foolproof way to protect assets from taxes and creditors is an irrevocable trust. An irrevocable trust only works if it is drafted properly. You should shop around for an expert is estate planning with a good reputation.
What else can I help you with?
Can there be a trustee and beneficiary to an irrevocable trust?
A trustee and a beneficiary are essential to a trust. Without a trustee and a beneficiary there is no valid trust. They should not be the same person.
What is an irrivocable trust?
Revocable TrustsA revocable trust is one where usually, grantor/trustee/beneficiary are the same person. It can be revoked or amended any time until the person's death.Upon death the trust property bypasses probate and assets are distributed to the heirs.ClarificationA trust is a right to hold property for the benefit of another. A trustor (grantor, settlor) creates the trust, places the trust property (land, money, stocks, etc.) in the trust and names both the trustee who will hold power over the trust property and the beneficiaries. A revocable trust can be amended or revoked by the trustor at any time during her life. Be careful with that first statement in the first answer. It is not the definition of a revocable trust. In fact, it is a common trust error. In many states where the grantor, trustee and beneficiary are the same person there is no trust created and the property remains in the grantor's estate. That error can cause serious consequences down the road.
Does trustee have permission to sell your fathers house without beneficiary consent?
It depends on the terms outlined in your father's trust. If the trust grants the trustee the authority to sell the house without beneficiary consent under certain circumstances, then the trustee can proceed with the sale. However, if the trust requires beneficiary consent for the sale of the house, then the trustee would not have the authority to sell it without that consent.
Indemnity of retiring trustee means what intialment?
Indemnity of a retiring trustee refers to the legal protection or compensation provided to a trustee who is stepping down from their role, ensuring they are not held liable for actions taken during their tenure. This typically involves the trust estate covering any potential claims or liabilities arising from the trustee's decisions or actions while managing the trust. It serves to encourage trustees to act without fear of personal financial repercussions as they fulfill their duties.
Can one trustee get a loan on property in trust without the signature of the other trustee's knowledge?
bank mortgage was never recorded with the county. what happens
Can you roll over a 401K to a Roth Ira without paying taxes?
Yes. But it is much better and no taxes will be withheld if you have the trustee do a direct transfer from the 401K trustee to the IRA trustee and you do not receive any of the funds in your hand.
How does a trustee know what they can sell in a chapter 7 and does a person have a trustee if they have a lawyer?
Both the laws and the bankruptcy filing, and the info the court finds (like that provided from creditors...who will ask the trustee about things you claimed to own on your crdit application), and from credit reports and tax returns, all types of things provide information for the trustee to act on. The trustee exists with or without a lawyer. In fact, your lawyer may be an advisory to the trustee on many things.
Can original trustee take back duties after turning over to successor trustee?
No. Not unless the power to reinstate herself as trustee was granted in the trust instrument. Generally, once a successor trustee is appointed the former trustee has no powers.No. Not unless the power to reinstate herself as trustee was granted in the trust instrument. Generally, once a successor trustee is appointed the former trustee has no powers.No. Not unless the power to reinstate herself as trustee was granted in the trust instrument. Generally, once a successor trustee is appointed the former trustee has no powers.No. Not unless the power to reinstate herself as trustee was granted in the trust instrument. Generally, once a successor trustee is appointed the former trustee has no powers.
Can you roll a pension into an IRA without paying taxes?
Yes, you can roll a pension into an IRA without paying taxes if you do a direct rollover, also known as a trustee-to-trustee transfer. This allows the funds to move directly from the pension plan to the IRA without any tax consequences.
Can you lease a car in chapter 13 bankruptcy without getting permission from the trustee?
You will need permission from the trustee before doing anything financial while in chapter 13 bankruptcy. You will have already signed paperwork agreeing to full disclosure with your trustee when you filed.
How does one cancel a revocable trust?
You can cancel a revocable trust by removing the property held in trust because without property there is no trust...or you can notify all concerned individuals of your intent to void the trust; and at this point a notarized statement to cancel would serve well, but one is not required by law.
What importance does clarity hold in making a piece of writing effective and communicative?
A high importance. Without clarity, the reader will not understand what you are writing, thus negating the purpose of your writing.
